Trump/Elon faceoff! What will it do to the markets next week!

From the futures desk:

The market has been range-bound the last few days, creating some sharp and volatile price action—but once again, Vanessa and Keith had it mapped out in advance for our Live Trading Room members.

Here’s a recap of today’s projections and how the markets responded:

• S&P 500 (ES)

We started the day with one of our targets hitting before the open, triggering a pullback that narrowly missed our lower targets.

Support formed right at our expected low core level, and price surged up to our expected high, which carries an 85% probability of completing—this happened when reports indicated talks with China “went well.”

That rally created what we call a “has to hold” zone—and when that level failed, price sold off aggressively.  

Every single downside target completed, with the ES dropping nearly 60 points from high to low.

• Nasdaq (NQ)

The day began with NQ tagging one of our rubber band areas on a higher timeframe, then pulling back to our expected low core level.

The same positive China news sparked a surge past our expected high, reaching 21915.

From there, failure matched ES’s reversal, and Nasdaq followed through to complete all downside targets for the day.

What We’re Watching Now

ES (S&P 500 Futures):

A daily close below 5949 increases the probability of downside continuation.

Downside targets: 5817, 5770, 5745, 5699

A close above 6012 is headed to 6035.

NQ (Nasdaq Futures):

A daily close below 21550 would open the door for deeper downside action.

Targets to watch: 20900, 20680, 20550, 20320

A close above 21850 brings 22130, 22450

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